US 401(k) and other overseas pension account holders: Forms ITR-1 and ITR-4 are no longer available under the new Indian I-T Act; they must now file ITR-2 or ITR-3

New Income Tax Return forms have removed ITR-1 and ITR-4, requiring US 401(k) and overseas pension account holders to now use ITR-2 or ITR-3. This change aims to streamline reporting of foreign assets and income, aligning with existing disclosure requirements. Taxpayers can still defer tax liability by filing Form 10-EE.

from Tax-Wealth-Economic Times https://ift.tt/WMyFwDi